Decided to Sell Your South Buffalo, New York Restaurant?

After years of hard work, you have made the decision sell your South Buffalo, New York restaurant

Contemplating opening a new South Buffalo, New York restaurant, moving, or maybe retiring. No matter the reason, selling your South Buffalo, New York restaurant can be a lot more difficult than you may realize. Thats because it takes thoughtful preparation and a solid strategy to successfully walk away with enough money for all the time you may have put into it.

Important Actions to Take when Selling Your Restaurant

You can either think to hire a eatery broker to guide you in selling your South Buffalo, New York restaurant or do the task yourself. If you are considering selling your South Buffalo, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together all Important Documentation

This is an important initial step to make when you begin the process of offering your South Buffalo, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but below is a list of some general documents you may need to have ready:

• Gather your assets
• Lease document
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection records
• Architectural plan
• Financial statements and other important financial documents

Corbett Restaurant Group comes with experience to assist you in the sale of your South Buffalo, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to show all these documents to a prospective buyer day one. But, you should have them ready because you will certainly need them during the sales process.

Also, putting together these documents allows you to view your South Buffalo, New York restaurant through the lens of a buyer. It gives you a clear picture of the South Buffalo, New York restaurant you're selling. In addition, it allows you to show whether there are any concerns you'll have to address.

#2 Get Your Financial Records in Order

Your financial documents are a crucial detail of selling your South Buffalo, New York restaurant. That’s the reason you should make an effort to make these documents accurate and well organized.

Offering your financial documents to prospective buyers could assist to clear any hesitations they might have regarding your South Buffalo, New York restaurant.

Your financial records could include:

• Inventory of equipment and assets
• Profit and loss statements
• Tax records
• Cash transactions
• Bank statements

Also, ensure you have duplicate copies of all of these records. This may make it easier for you to transmit the records to possible buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things may create legal issues for you if a buyer later discovers these ommissions post signing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your South Buffalo, New York restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after securing a buyer, your lease hinders you from closing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your South Buffalo, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this will help them estimate the value of your South Buffalo, New York restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build your cash flow starting to sell your South Buffalo, New York restaurant.

The estimated time it takes to sell a South Buffalo, New York restaurant is six months. Within those six months, there is a lot you can do to strengthen your profit and slash several costs, and therefore strengthen the worth of your South Buffalo, New York restaurant.

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will help you in estimating the overall worth of your South Buffalo, New York restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your South Buffalo, New York restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the general appearance of your South Buffalo, New York restaurant does not appeal to buyers, they might take a pass right off the bat.

To prevent this from happening, all things in and out of your South Buffalo, New York restaurant must be clean. Manicured and a clean parking lot could help create appeal for prospective buyers.

Spot-free windows, polished door handles and a clean floor are also small things that would help create a memorable first impression.

Additionally, you should ensure all your equipment is in top condition. If your equipment is not functioning, it may send the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment also raises doubt about your financial status and production capabilities. It can even dampen the morale of your staff, and in response, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding buying your South Buffalo, New York restaurant.

#7 look for South Buffalo Buyers

Searching for potential buyers is time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire an experienced South Buffalo, New York restaurant broker to help. The professional South Buffalo, New York restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to handle this task yourself, you will need to create appropriate advertising. You can show your South Buffalo, New York restaurant on business websites and let your family and friends know about your plans to sell your South Buffalo, New York restaurant.

As you will likely run across competition when trying to sell your South Buffalo, New York restaurant, you need your restaurant to stand out.

#8 Be Ready

If you decide to sell your South Buffalo, New York restaurant yourself, or through a South Buffalo, New York restaurant broker, you should always be ready. Be prepared to show your South Buffalo, New York restaurant to prospective buyers at all times.

You'll never know when a buyer could walk into your South Buffalo, New York restaurant. Some buyers might even visit as customers in order to carry out some research before contacting you.

#9 Sell Your South Buffalo, New York Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the deal. The paperwork will usually begin with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the deal.

This document includes details including the selling price of your South Buffalo, New York restaurant, items and equipment and inventory value.

Choosing a South Buffalo, New York Restaurant Broker

While attempting to sell your South Buffalo, New York restaurant on your own can be an exhilarating endeavor, it could also be very risky, especially for first-timers.

The fact remains, in order for you to achieve the most from of the business deal, you need a higher level of expertise to stand above and against the cometitors while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced South Buffalo, New York restaurant broker is recommended. A South Buffalo, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your South Buffalo, New York restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

With the assistance of a South Buffalo, New York restaurant broker, you can maintain your undivided attention on operating your South Buffalo, New York restaurant and rest assured knowing that a professional is in charge of selling your South Buffalo, New York restaurant.

Contact a South Buffalo, New York Restaurant Broker

Choosing to sell your South Buffalo, New York restaurant through a South Buffalo, New York restaurant broker has many advantages. First, however, you need to select the best South Buffalo, New York restaurant broker to help you in selling your South Buffalo, New York restaurant.

At Corbett Restaurant Brokers, we consider it our duty to represent you in the sale of your South Buffalo, New York restaurant. And, we work harder than any other South Buffalo broker to secure the best deal for your restaurant and at the highest sale value.

Contact Corbett Restaurant Group today and let us help you sell your South Buffalo, New York restaurant for a great price.

South Buffalo Zip Codes We Support: 14210